German banking giant Deutsche Bank has halted plans to sell its global asset management operations to Guggenheim Partners.
The group, which is Germany’s largest bank by assets, says it and Guggenheim “mutually agreed” to close exclusive negotiations to sell three asset management businesses and refocus the discussion on a different area.
The businesses Deutsche Bank no longer wants to sell are US mutual fund division DWS Americas, global institutional asset manager DB Advisors and global insurance asset management wing Deutsche Insurance Asset Management.
A statement by the group says: “Deutsche Bank will continue to evaluate these businesses and is fully committed to maintaining the stability of its investment teams and to ensuring that clients continue to receive the highest level of quality in investment management services.” (article continues below)
Deutsche Bank and Guggenheim Partners are now in exclusive negotiations about the potential sale of RREEF, Deutsche’s global alternative asset management business.